Recent market structure for XRP indicates the potential for significant growth. The consolidation period has ended, and market focus is now on key support and resistance levels.
Current Price Action and Support Levels
After a pullback in mid-January, XRP fell into a support area between $2.52 and $2.68. While the market did not show an immediate rebound, this price range remains crucial for determining the next move. As long as the price stays above this range, a rebound is possible.
Key Price Levels to Watch
To confirm that a low has been established and wave two is complete, XRP needs to hold its current low at around $2.65. If this level holds, XRP could expect a rally towards the $4.20–$5 range. It's important to note that wave two is a corrective pullback, and a trend continuation is anticipated after this phase.
Critical Breakout Levels
For a strong confirmation of the upward trend, XRP needs to break through key resistance levels. The first hurdle is a break above $3.21, followed by a move above $3.40. Until these levels are surpassed, the market remains in a range, and a retest of the support zone between $2.76 and $2.97 is still possible. A break below $2.76 could lead to a larger corrective structure, potentially pushing the price back down to $2.52.
Thus, XRP is in a critical phase where key support and resistance levels play an essential role in determining its future price path. Market participants continue to watch for movements and potential shifts.
